Mr. Rajnikant provides the following Particulars of his Income for the previous year ended on 31.3.2020:-
1) Basic Salary of Rs.40000PM.
2) Bonus Rs.50000
3) He owns a House Property and the same is let out for a monthly rent of Rs.10000. Municipal value of the House is Rs.96000. Municipal taxes paid by him amounted to Rs.12000 PA.
.
Answers
Answered by
0
Answer:
Income from Salary head
Basic salary 40000×12 = 480000
bonus. =50000
total. = 530000
Income from house property
Actual rent or municipal
value whichever is higher
120000 or 96000 whichever is higher
Gross annual value = 120000
(-) .municipal taxes paid = 12000
annual value. =. 108000
(-) standard deduction = 32400
30% if annual value
Income from house property = 75600
Similar questions